Registry Agency fee reduction will cost individuals and businesses nearly BGN 7M less by the end of 2014, Bulgarian Deputy PM and Justice Minister Zinaida Zlatanova said Tuesday.

During a business conference, Zlatanova pointed out that these funds can be invested in the economy, rather than go to administrative fees, BGNES informs.

The Justice Minister reported that the government has reduced administrative burden on citizens and businesses. Land register certificate fees have been cut by 50%, and the issue of copies of documents - by 77%. The effect of this reduction for the period February-April is nearly BGN 1M, Zlatanova said. The business has saved over BGN 512,000 from Trade Register fees in two months, as well.

Deputy Justice Minister Sabrie Sapundzhieva noted that the expected amendments to the Law on Cadaster and Land Registry lay emphasis on the security of transactions, rather than facilitating the administration.